Old People Have All the Interesting Jobs in America

Tyler Cowen:

Why so many of America’s best and brightest college graduates go into management consulting, finance or law school is a perennial question. There are some compelling theories, which I will get to, but first I would like to turn the question around: Why are so many people in top positions, whether in the public or private sector, so old?

I submit that these two trends — and a third, declining productivity growth — are related: Many tasks have become increasingly complex in America, often more complex than people can learn in just a few years. By the time you have experience enough to perform them, you are less interested in taking risks. In your young adventurous years, by contrast, the only jobs you can get are those that don’t reward (or allow) adventure. The result of all this is a less audacious America.

Start with the Ivy Leaguers. I have no rancor against lawyers, financiers or management consultants, but the pursuit of these careers seems like a misallocation of human creativity. Those jobs do not comprise most of the value of the U.S. economy, so why are they such a magnet?

An emphasis on adult employment:

“Beware of legacy practices (most of what we do every day is the maintenance of the status quo), @12:40 minutes into the talk – the very public institutions intended for student learning has become focused instead on adult employment. I say that as an employee.

Madison’s taxpayer supported K-12 school district, despite spending far more than most, has long tolerated disastrous reading results.

In addition, Madison recently expanded its least diverse schools.